Unauthorized Wells Fargo Accounts
2016-09-29T09:59:51-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZmQxXC8yMDE2MDkyOTEwMjg0NTAwMV9oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Wells Fargo Chair and CEO John Stumpf appeared before the House Financial Services Committee apologizing for the sales practices of his company that involved the creation of an estimated 2 million fraudulent accounts without customers' permission. He provided an update on new actions being taken by his company, including expanding its review of accounts and eliminating product sales goals for retail bank team members. Committee members harshly questioned Mr. Stumpf about the termination of over 5,000 Wells Fargo employees nationwide and repeatedly urged him to resign. Wells Fargo reached a settlement with federal officials in which they agreed to pay $185 million in fines. In addition, Mr. Stumpf had forfeited $41 million in stock awards.
Wells Fargo Chair and CEO John Stumpf appeared before the House Financial Services Committee apologizing for the sales practices of his… read more
Wells Fargo Chair and CEO John Stumpf appeared before the House Financial Services Committee apologizing for the sales practices of his company that involved the creation of an estimated 2 million fraudulent accounts without customers' permission. He provided an update on new actions being taken by his company, including expanding its review of accounts and eliminating product sales goals for retail bank team members. Committee members harshly questioned Mr. Stumpf about the termination of over 5,000 Wells Fargo employees nationwide and repeatedly urged him to resign. Wells Fargo reached a settlement with federal officials in which they agreed to pay $185 million in fines. In addition, Mr. Stumpf had forfeited $41 million in stock awards. close
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